What Are Software Escrow Services?
When we speak of software escrow services what we mean is a source code software deposit involving a third party escrow agent.
The one in charge of the maintenance is the licensee who requests basic escrow.
Failure of the licensor to update or maintain the software as formally agreed upon either because of bankruptcy or any other reason, then the licensee will be give the source code of the software.
If you are the license owner you should understand that escrow has requirements to be met. The software escrow services offer custom software to different companies which are also vital and critical to the company.
The operations and maintenance of the company should continue even if the licensure is not in the position do so whatever the reason may be.
You should have the updated copy of the source code if you are to do this. However, licensors are often reluctant to agree to this because the source code represents a trade secret and generally as you may expect, this is closely guarded.
The solution given by software escrow services will help resolve this conflict of interest, and in this solution the licensed person will be able to access the source code if the licensor is no longer able to provide software maintenance as agreed upon by the two parties.
What you can benefit from a software escrow services is free software.
Before signing any contract, you need to understand what it entails so it is important to read the fine lines of the terms and conditions which are written to you in black and white.
There is a good description in the escrow agreement which applies to clients who seek to develop custom software and that which is not available to the general public.
It is not available to any other entity because the software was specifically designed for you to fit your needs and useful for your office operations. When there is free software it is called open source of ransom ware.
Adopting a software escrow process is convenient for many reasons. Investing in the source code for licensees is encouraged by the presence of this escrow agent. Software develops through this can provide software services without divulging their secrets and intellectual property.
Licensees can certify software evolution and maintain and upgrade functionalities over time with the optional services provided by the escrow agent. It give the licensee the ability to maintain an application in-house indefinitely or gives the licensee the luxury of taking its time until the replacement technology can be identified and implemented with a new vendor.
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